37608 Federal Register / Vol. 63, No. 133 / Monday, July 13, 1998 / Notices

average, would file one quarterly transaction report

each year.

10Based on conversations with the industry, the

Commission estimates that, on average, rule 17j–1

organizations will have two new access persons

each year. However, proposed rule 17j–1 would not

require an access person to submit an initial

holdings report if the access person has previously

provided information equivalent to that which is

required in the initial holdings report. Proposed

rule 17j–1 also contains several other exceptions to

filing initial holdings reports. The Commission

therefore estimates after taking into consideration

the number of respondents excluded from this

requirement of the rule, that, on average, there will

be 4,895 annual responses to this requirement.

1 15 U.S.C. 78s(b)(1).

2 17 CFR 240.19b–4.

of 42,250 burden hours. The staff

estimates that each year new access

persons each will expend 1 burden hour

for the filing of an initial holdings report

to be provided by persons who become

access persons 10 for a total of 4,895

burden hours. Finally, the staff

estimates that 5,045 rule 17j–1

organizations each will expend 2

burden hours to maintain records of

codes of ethics, records of violations of

codes of ethics, reports by access

persons, and issues and certification

reports for a total of 10,090 burden

hours.

The total annual burden of the rule’s

paperwork requirements therefore is

estimated to be 74,570 hours. This

estimate represents an increase of

25,470 hours from the prior estimate of

49,100 hours. The increase in burden

hours is attributable to updated

information about the number of

affected portfolios and other entities,

and to a more accurate calculation of the

component parts of some information

burdens.

These burden hour estimates are

based upon the Commission staff’s

experience and discussions with the

fund industry. The estimates of average

burden hours are made solely for the

purposes of the Paperwork Reduction

Act. These estimates are not derived

from a comprehensive or even a

representative survey or study of the

costs of Commission rules.

Written comments are invited on: (a)

whether the collection of information is

necessary for the proper performance of

the functions of the Commission,

including whether the information has

practical utility; (b) the accuracy of the

Commission’s estimate of the burdens of

the collection of information; (c) ways to

enhance the quality, utility, and clarity

of the information collected; and (d)

ways to minimize the burdens of the

collection of information on

respondents, including through the use

of automated collection techniques or

other forms of information technology.

Consideration will be given to

comments and suggestions submitted in

writing within 60 days of this

publication.

Please direct your written comments

to Michael E. Bartell, Associate

Executive Director, Office of

Information Technology, Securities and

Exchange Commission, Mail Stop 0–4,

450 5th Street, N.W., Washington, DC

20549.

Dated: July 6, 1998.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–18591 Filed 7–10–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Sunshine Act Meeting

Notice is hereby given, pursuant to

the provisions of the Government in the

Sunshine Act, Pub. L. 94–409, that the

Securities and Exchange Commission

will hold the following meeting during

the week of July 13, 1998.

A closed meeting will be held on

Thursday, July 16, 1998, at 11:00 a.m.

Commissioners, Counsel to the

Commissioners, the Secretary to the

Commission, and recording secretaries

will attend the closed meeting. Certain

staff members who have an interest in

the matters may also be present.

The General Counsel of the

Commission, or his designee, has

certified that, in his opinion, one or

more of the exemptions set forth in 5

U.S.C. 552b(c) (4), (8), (9)(A) and (10)

and 17 CFR 200.402(a) (4), (8), (9)(i) and

(10), permit consideration of the

scheduled matters at the closed meeting.

Commissioner Hunt, as duty officer,

voted to consider the items listed for the

closed meeting in a closed session.

The closed meeting scheduled for

Thursday, July 16, 1998, at 11:00 a.m.,

will be:

Institution and settlement of

injunctive actions.

Institution and settlement of

administrative proceedings of an

enforcement nature.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact:

The Office of the Secretary at (202)

942–7070.

Dated: July 9, 1998.

Jonathan G. Katz,

Secretary.

[FR Doc. 98–18677 Filed 7–9–98; 10:57 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–40176; File No. SR–MSRB–

98–9]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the Municipal Securities Rulemaking

Board Relating to Reports of Sales and

Purchases, Pursuant to Rule G–14

July 7, 1998.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on June 17,

1998, the Municipal Securities

Rulemaking Board (‘‘Board’’ or

‘‘MSRB’’) filed with the Securities and

Exchange Commission (‘‘Commission’’

or ‘‘SEC’’) the proposed rule change as

described in Items I, II, and III below,

which Items have been prepared by the

Board. The Commission is publishing

this notice to solicit comments on the

proposed rule change from interested

persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Board is filing a proposed rule

change to institute a service (‘‘the

Service’’) to provide daily reports from

the Board’s Transaction Reporting

Program (‘‘the Program’’) that will

summarize information about customer

and inter-dealer transactions in

municipal securities reported to the

Board under rule G–14. The Board is

establishing a fee for an annual

subscription to the Service of $15,000.

The proposed fee is structured to defray

the Board’s cost of disseminating the

transaction data and to defray, in part,

the cost of collecting and compiling

transaction data that will be used in the

Program. The Board does not expect or

intend to make a profit from the Service.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Board included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item IV below. The Board has

prepared summaries, set forth in

sections A, B, and C below, of the most

significant aspects of such statements.
Federal Register / Vol. 63, No. 133 / Monday, July 13, 1998 / Notices 37609

3Exchange Act Release No. 37859 (Oct. 23, 1996),

61 FR 56072 (Oct. 30, 1996).

4Exchange Act Release No. 37998 (Nov. 29,

1996), 61 FR 64782 (Dec. 6, 1996) (approved of

amendment to rule G–14); Exchange Act Release

No. 39495 (Dec. 29, 1997), 63 FR 585 (Jan. 6, 1998)

(delay of effectiveness to March 1, 1998).

5Exchange Act Release No. 39835 (Apr. 7, 1998),

63 FR 18242 (Apr. 14, 1998).

6The current subscribers are Bloomberg Financial

Markets, Chapdelaine & Company, Dow Jones

Telerate, Interactive Data Corp., J. J. Kenny Co., Inc.,

Muller Data Corp., Smith Barney, Inc., and

TradeHistory, LLC.

7NSCC procedures provide an exception for

transactions involving the distribution of new issue

securities from a syndicate manager to syndicate

members, wherein only the syndicate manager

submits information to the automated comparison

system.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The purpose of the Service is to

increase transparency in the municipal

securities market by adding information

about transactions between dealers and

customers (‘‘customer transactions’’) to

the information currently disseminated

by the Program. Under the proposed

rule change, aggregate data about market

activity, and certain volume and price

information about transactions in

frequently traded securities, would be

disseminated to promote investor

confidence in the market and its pricing

mechanism. The information provided

by the Service would be a daily public

report summarizing prices and volumes

of trading in the municipal securities

market during the previous day (the

‘‘Combined Daily Report’’). The

Combined Daily Report’s format is a

revision of the Board’s currently

produced Inter-Dealer Daily Report.

Like the Inter-Dealer Daily Report, the

Combined Daily Report will be made

available by approximately 6:00 a.m.

each business day, reporting on the

previous day’s market. Subscribers

would transfer the report, in electronic

form, from the Board’s system to their

own computer systems. A printed copy

of the report would be available for

examination, free of charge, in the

Board’s Public Access Facility in

Alexandria, Virginia. These

dissemination methods are the same as

for the current Inter-Dealer Daily Report.

Previous Filings Regarding the

Program. As discussed below, the Board

has been operating a program for interdealer transaction reporting since 1995.

Dealers are required to report their interdealer transactions to the Board under

rule G–14. In 1996, the Board filed with

the Commission an amendment to rule

G–14 to require dealers to report their

customer transactions in municipal

securities to the Board in certain

prescribed formats and a description of

the changes to the inter-dealer

transaction reporting program necessary

to add customer transaction

information.3 The 1996 filing provided

for a period from July 1, 1997, to

December 31, 1997, during which

dealers would test their customer

transaction reporting capabilities with

the Board. The Commission approved

this amendment and plan, with the

amendments to rule G–14 ultimately

becoming effective March 1, 1998.4 In

March 1998, the Board filed with the

Commission its intention to release

samples of the Combined Daily Report

for public comment and to make the

Report available on an operational basis

in the third quarter of 1998.5

Background and Description of the

Program. Since 1995, rule G–14 has

required brokers, dealers and municipal

securities dealers (‘‘dealers’’) to report to

the board their inter-dealer transactions

in municipal securities via the

automated comparison system for

municipal securities operated by

National Securities Clearing Corporation

(‘‘NSCC’’). The Board has used this

information to create a database of

transaction information that can be used

for market surveillance purposes and for

inspection and enforcement by agencies

and organizations charged with

enforcement of Board rules. The Board

also uses the reported transaction

information to create the Inter-Dealer

Daily Report, which is used by market

participants to help gauge the value of

municipal securities. The Board

currently has eight subscribers to the

Inter-Dealer Daily Report. Most of these

are information vendors that

redistribute the information to their own

subscribers and/or use the information

in various securities valuation products

that they market.6

Customer trades have been reported

by dealers to the Board under rule G–

14 since March 1, 1998. Both customer

and inter-dealer transactions must be

reported by midnight of trade date.

Although different mechanisms are used

for reporting the two types of trades, the

Board’s computerized Transaction

Processing System (‘‘TRS’’) will merge

the reported trade data to produce the

Combined Daily Report and the

surveillance database.

The criteria for including municipal

securities information on the proposed

Combined Daily Report will be the same

as that described in the Board’s March

1998 filing to produce sample daily

reports. These are essentially the same

as the criteria for the current InterDealer Daily Report. If a municipal

security (identified by its CUSIP

number) is reported, in compliance with

rule G–14, as having been traded four or

more times on a given day, then the

high, low, and average price and total

par value of all the reported trades in

that security will be on the Daily Report

the next morning. The average price will

be calculated as the arithmetic mean of

reported transaction prices of those

trades between $100,000 and $1,000,000

in par value. This reporting band is

meant to exclude odd lots and very large

trades from the average price. In

applying these criteria, inter-dealer and

customer transactions will be

considered together. This means that

any combination of inter-dealer and

customer transactions totaling four or

more in one CUSIP will trigger the

inclusion of price information in the

Combined Daily Report.

The Board expects to make the

Combined Daily Report Service

available during the third quarter of

1998, and will file with the

Commission, in advance, an exact date

for beginning operation. In addition to

the Combined Daily Report Service, the

Board also will use the data reported by

dealers under rule G–14 to create a

surveillance database available to

regulatory agencies and organizations

responsible for enforcement of Board

rules. The surveillance database will not

be available to regulators until early

1999.

Methods for Reporting Transaction

Reporting Data. Since 1995, inter-dealer

transactions have been reported to the

Board by dealers each night through the

NSCC automated comparison system.

This reporting mechanism is convenient

for dealers, since most of the trade data

that must be reported to the Board has

to be reported to NSCC in any event, for

clearance and settlement purposes. The

automated comparison system processes

the transaction data to determine,

among other things, whether both

parties to each trade have agreed to

certain details (e.g., CUSIP number, par

amount, final monies required for

settlement).7 Each night, the automated

comparison system provides electronic

files to the TRS that include trade

information reported by dealers, plus an

indication for each trade whether it was

successfully ‘‘compared’’ as to its

reported details.

Customer transactions have been

reported to the Board each night by

dealers since March 1, 1998 in

accordance with the rule G–14

amendment that became effective on

that date, requiring dealers to generate
37610 Federal Register / Vol. 63, No. 133 / Monday, July 13, 1998 / Notices

8Format requirements and input procedures are

described in ‘‘Board to Proceed with Customer

Transaction Reporting Program: Rule G–14’’ (MSRB

Reports, Vol. 16, No. 3 (September 1996) at 3–16).

This document, along with explanatory questions

and answers and the latest information on the

Program, can be found on the Board’s World Wide

Web site (www.msrb.org).

9To identify dealers, the Board uses symbols

assigned to dealers by the NASD. Dealers are

required to obtain a valid symbol under rule G–

14(b)(iii). The transaction reporting procedures

contained within rule G–14 also require that each

dealer effecting customer transactions provide the

Board with certain contact information and testingrelated information.

10The Board currently receives updated

information on municipal securities CUSIP

numbers each day from the CUSIP Service Bureau

and J.J. Kenny Co., Inc.

11The current software used for calculation is

provided by TIPs, Inc. The securities information

used to calculate price from yield currently is

provided by J.J. Kenny Co., Inc.

12 15 U.S.C. 78o–4(b)(2)(C).

13 ‘‘Transaction Reporting Program for Municipal

Securities: Phase II,’’ MSRB Reports, Vol. 15, No.

1 (April 1995) at 11–15.

14 ‘‘Reporting Customer Transactions in

Municipal Securities: Rule G–14,’’ MSRB Reports,

Vol. 16, No. 1 (January 1996) at 15–18, and

‘‘Customer Transaction Reporting: Proposed

Technical Specifications and Request for

Comment,’’ ibid. at 19–22.

a file of required information, in a

format specified by the Board, and

transmit the file electronically to the

TRS. For most high-volume dealers, the

first step in file transmission is to send

the trade file over existing ‘‘computerto-computer’’ connections between their

computer systems and the NSCC. In the

second step, NSCC forwards these files

to the Board without any processing of

the trade data. Some dealers, especially

those with low volumes of customer

trades who do not have electronic

connections to NSCC, submit customer

transaction files directly to the Board by

means of personal computer software

provided free by the Board.

Correction of Data Submitted by

Dealers. Corrections to inter-dealer trade

information are made by dealers

according to NSCC procedures, and,

after processing, corrected data is

provided by the comparison system to

the TRS. Regarding customer trade data,

the TRS sends messages to dealers,

electronically or by facsimile,

acknowledging receipt of a day’s file

and identifying records that appear to be

in error. Dealers submit corrections

using a methods similar to that for

repairing trades. A dealer may also

‘‘cancel’’ a trade record if this is

necessary to reflect cancellation of the

trade by the parties or to remove

erroneous information submitted to the

system.

Description of the Combined Daily

Report. Once all transaction information

for a business day has been received; the

TRS generates the Combined Daily

Report. As noted, both inter-dealer and

customer trades are counted to

determine whether an issue (CUSIP

number) was traded four or more times.

Based upon transaction data reported to

the Board in March, April and May

1998, it appears that approximately one

thousand issues will be traded four or

more times on a typical day.

The Combined Daily Report includes

summary information describing the

day’s market in municipal securities.

The summary covers all municipal

securities trades, regardless of frequency

of trading. The average daily market

statistics during the week of March 30,

1998 were:

Total par amount traded: $8.6 billion

Total number of trades reported: 22,199

Total number of issues traded: 11,499

Number of issues traded four or more

times: 1,025

The following data elements of each

issue would be published in the

Combined Daily Report.

CUSIP number: The CUSIP number

that identifies the issue.

Security description: A short

description of the issue that was traded.

Number of trades: The total number of

trades in the issue (both inter-dealer and

customer) that were reported to the

MSRB.

Volume traded: The total dollar value

of all trades in the issue on the trade

date.

High price: The highest price of all

trades in the issue.

Low price: The lowest price of all

trades in the issue.

Average price: The arithmetic mean of

all trades whose par values were

between $100,000 and $1,000,000.

Trades in average: The number of

trades whose par values were between

$100,000 and $1,000,000.

When issued: If ‘‘yes,’’ indicates that

the issue was traded while in ‘‘when, as,

and if issued’’ status.

Assumed settlement date: In some

cases, it is necessary to assume a

settlement date to calculate price from

yield for inclusion of the price in the

Daily Report. The assumed settlement

date for both inter-dealer and customer

trades will be 15 business days after the

trade date (T+15). When it has been

necessary to assume a settlement date,

this date will be shown on the Daily

Report.

Review Process for Customer

Transaction Data Used in Combined

Daily Report. Customer transaction

records submitted by dealers are

reviewed automatically as part of data

processing within the Transaction

Reporting System. Trade records are

excluded from eligibility for the

Combined Daily Report if: (i) the trade

date reported in the record is for a day

other than the day being reported in the

Daily Report; (ii) the trade record or the

file containing the trade record is not in

the required format or otherwise

violates stated system input

requirements; 8 (iii) the submitter of the

file has not filed with the Board the

required information to identify itself;

(iv) the trade record contains a dealer

identifier that is unknown to the

Board; 9 (v) the information contained in

the trade record is so substantially

outside expected parameters that an

input error is suspected; (vi) the CUSIP

number submitted is not known to be a

valid CUSIP number for a municipal

securities issue; 10 or (vii) the trade

record contains no dollar price and a

dollar price cannot be calculated from

the reported yield on the transaction

using the Board’s available data about

the security and standard yield-to-price

calculation techniques for securities

with periodic interest payments and

with more than six months to

redemption, contained in Board rule

G–33(b)(i)(B)(2). 11

2. Basis

The Board believes the proposed rule

change is consistent with Section

15B(b)(2)(C) of the Act, 12 which

requires, in pertinent part, that the

Board’s rules ‘‘be designed to prevent

fraudulent and manipulative acts and

practices, to promote just and equitable

principles of trade, to foster cooperation

and coordination with persons engaged

in regulating . . . transactions in

municipal securities, to remove

impediments to and perfect the

mechanism of a free and open market in

municipal securities, and, in general, to

protect investors and the public

interest.’’

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Board does not believe that the

proposed rule change will impose any

burden on competition in that it applies

equally to all dealers in municipal

securities.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

The 1995 and 1996 Requests for

Comments

The Board published a notice in

February 1995,13 requesting comment

on a plan to collect and report

information about transactions between

dealers and institutional customers, and

in January 1996 published a revised

plan 14 to collect information about all
Federal Register / Vol. 63, No. 133 / Monday, July 13, 1998 / Notices 37611

15Exchange Act Release No. 37859 (Oct. 23,

1996), 61 FR 56072 (Oct. 30, 1996).

16Letter from Ron Moore, Applied Financial

Management, Inc., to Larry M. Lawrence, MSRB,

May 22, 1995, and letter from Glenn Burnett, Zia

Corporation, to Larry M. Lawrence, July 2, 1996.

17Letter from George Brakatselos, Public

Securities Association (PSA), to Larry M. Lawrence,

MSRB, May 2, 1996.

18PSA.

19Zia.

20PSA.

21Exchange Act Release No. 39835 (Apr. 7, 1998),

63 FR 18242 (Apr. 14, 1998). The Board also made

the sample reports available via the Internet at its

Web site (www.msrb.org).

22Letter from John Loza, Bloomberg L.P. , to

Harold L. Johnson, MSRB (April 20, 1998).

23Electronic mail from Bruce Hechler,

TradeHistory, LLC, to Thomas A. Hutton, (May 4,

1998).

24TradeHistory.

25The Board will continue to provide, as it has

since January 1995, daily reports of inter-dealer

transactions in municipal securities in a service

whose annual fee will remain unchanged at

$15,000. The Board has chosen to make the price

of the proposed Service the same as the price of the

existing Inter-Dealer Service.

26Bloomberg.

27 17 CFR 200.30–3(a)(12).

customer transactions. The Board

received a number of comments in

response. The comments were provided

to the Commission and addressed by the

Board in an August 1996 filing.15 Some

commentators suggested reporting

individual transactions,16 while others

suggested combining data from all

trades falling within a given par value

range.17 One commentator suggested

combining prices and volumes for interdealer and customer trades for public

reporting,18 and another suggested

identifying retail prices as such.19 It was

also suggested that trades be

summarized by par value in four

categories ($5,000 to $45,000, $50,000 to

$95,000, $100,000 to $1,000,000, and

over $1,000,000).20 In considering

various possible formats for the report,

the Board decided that it would serve

the purpose of simplicity, and aid users

in comparing the new and old reports,

to make the Combined Report’s format

the same as that of the Inter-Dealer

Report, which has been in use for over

three years. If experience with the

Combined Daily Report indicates

revisions are needed, the Board will

revise the format to ensure that the

Program will continue to provide

market transparency to market

participants.

The 1998 Request for Comments

In April 1998, the Board released

samples of the Combined Daily Report

for comment.21 In response, comments

were received from Bloomberg L.P.22

and TradeHistory, LLC.23 One

commentator 24 requested that the Board

continue to publish the Inter-Dealer

Daily Report after commencing

publication of the Combined Daily

Report. The proposed Service would

make no change to the publication of

the Inter-Dealer Daily Report.25 The

other commentator 26 requested that the

Board add ‘‘filler’’ (blank) fields in the

new format to make the format of the

electronic Combined Daily Report

compatible with its programs that

process the electronic Inter-Dealer Daily

Report. This change has been made and

would be part of the proposed Service.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days of such date if it finds such

longer period to be appropriate and

published its reasons for so finding or

(ii) as to which the MSRB consents, the

Commission will:

(A) By order approve such proposed

rule change, or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street N.W.,

Washington, DC 20549. Copies of the

submission, all subsequent

amendments, all written statements

with respect to the proposed rule

change that are filed with the

Commission, and all written

communications relating to the

proposed rule change between the

Commission and any person, other than

those that may be withheld from the

public in accordance with the

provisions of 5 U.S.C. 552, will be

available for inspection and copying in

the Commission’s Public Reference

Room, 450 Fifth Street, N.W.,

Washington, DC 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the MSRB. All submissions

should refer to File No. SR–MSRB–98–

9 and should be submitted by August 3,

1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.27

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–18590 Filed 7–10–98; 8:45 am]

BILLING CODE 8010–01–M

TENNESSEE VALLEY AUTHORITY

Sunshine Act Meeting

TIME AND DATE: 9 a.m. (EDT), July 15,

1998.

PLACE: East Tennessee State University,

D.P. Culp University Center Ballroom

Left, Southwest Boundary Road,

Johnson City, Tennessee.

STATUS: Open.

Agenda

Approval of minutes of meeting held

on June 18, 1998.

New Business

B—Purchase Award

B1. Contract with CEC Alsthom to

design, manufacture, and install highpressure turbine capacity upgrades for

Bull Run, Paradise, and Widows Creek

Fossil Plants.

B2. Contract with ABB Power

Generation to design, manufacture, and

install high-pressure turbine capacity

upgrades for Cumberland Fossil Plant.

E—Real Property Transactions

E1. Nineteen-year commercial

recreation lease of the May Springs

Recreation Area to Claudia Ann

Holbrook, d/b/a as Greenlee

Campground, R.V. & Marine, affecting

approximately 104 acres of lands on

Cherokee Lake in Grainger County,

Tennessee (Tract No. XCK–580L).

E2. Nineteen-year commercial

recreation lease to John Cooper and Greg

Yarbrough affecting 10.78 acres of land

on Guntersville Lake, Jackson County,

Alabama (Tract No. XGR–748L), for

development of Wood Yard Marina and

amendment of the Guntersville

Reservoir Land Management Plan (Tract

No. XGR–105PT) to change the allocated

use from barge terminal to commercial

recreation.

E3. Sale of a permanent easement to

D.L. Hutson for a road, affecting 0.5 acre

of land on Norris Lake in Campbell

County, Tennessee (Tract No. XNR–

904H).

F—Unclassified

F1. Contract with Zurich—American

Insurance Group for Workers’

Compensation employer’s liability, and

general liability insurance for the

owner-controlled insurance program.